[Marxism] Fwd: ASSA 2018 – part one: globalisation, inequality and populism | Michael Roberts Blog
lnp3 at panix.com
Sun Jan 7 05:53:29 MST 2018
ASSA 2018 is the annual conference of the American Economic Association,
drawing together the economics profession in the US to discuss hundreds
of papers and debate the key issues and ideas that mainstream economics
considers. This year in freezing Philadelphia, there has been an
obsession with President Trump, his antics and ‘Trumponomics’ if we can
call it that. As Trump launched his latest tirade of weird tweets
against a new book outlining his mentally unstable antics, the great and
good of America’s mainstream economists considered his economic policies.
And they were worried. Three things gripped the mainstream. The first
was the apparent failure of globalisation since the Great Recession; the
poor level of productivity growth in the major capitalist economies in
the last ten years; and the effectiveness of Trump’s proclaimed
protectionist trade policy that he has combined with slashing reductions
in taxation on the US corporate sector and his rich elite friends.
It seems that the mainstream is now aware that free trade and free
movement of capital that has accelerated globally over the last 30 years
has not led to gains for all – contrary to the mainstream economic
theory of comparative advantage and competition.
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